Wale Edun who is the Minister of Finance and Coordinating Minister of the Economy, disclosed while briefing after a marathon meeting of the Federal Executive Council (FEC) that a new program has been passed that will leverage on about N20 trillion pension fund, in bridging Nigeria’s estimated 20 million housing deficits to provide massive housing and mortgage loan at 12% interest rates, with 25 years repayment plans.
Wale noted that the government is now going to be focusing on massive infrastructure development and plans to boost the economy through the construction of infrastructures, based on multi sectoral approach that will bring together the major sectors of the economy
“It is time to focus on economic growth, housing, technology, etc,
The government also plans to leverage funding sources through the Nigeria Sovereign Investment Authority NSIA, Infrastructure Company infraCORP, amongst others.
There are ongoing plans that will bring together resources from all the sectors, including the private sector funds, mortgage funds for houses, so that Nigerians who are saving through the pension fund can enjoy economic prosperity.
Mr Wale Edun also shared that the government will leverage on idle funds such as pension funds, amongst others, instead of waiting for foreign direct investments FDI.
The Minister noted that the President’s reforms, which are still in process, are beginning to give benefits in various areas, particularly in terms of stabilising the economy, the exchange rate, bringing inflation down, and eventually reducing interest rates.
